SerpApi.Org
Two high-profile and recently built developments near downtown Dallas are on the market.
Real estate firm JLL is marketing The Stack in Deep Ellum as well as the East Quarter Residences and the 300 Pearl office buildings located just outside the city's central business district. JLL senior managing director Jonathan Napper posted both properties on his LinkedIn page but did not respond to questions about the buildings.
The East Quarter office and apartment properties have been on the market for roughly a month. The apartment building features 335 units within a 20-story tower. About 91% of the apartments are leased, according to JLL data.
The mid-rise office building is more than 222,000 square feet and includes more than 12,500 square feet of ground-floor restaurant and retail space. Only 30% of the commercial space is leased. The office and apartment properties can be purchased jointly or separately, according to the listing.
Both buildings were developed in 2021 and are owned by Loco Meletio Development LLC. Dallas developer Shawn Todd and his firm, Todd Interests, led redevelopment in the East Quarter neighborhood, a 20-acre area between Deep Ellum and downtown's skyscrapers.
Todd purchased more than a dozen old commercial buildings in the district, converting them into new offices and eateries. The office and apartments were Todd's first major addition to the neighborhood. They sit atop the more than century-old Meletio Buildings, which face Cesar Chavez Boulevard. The former electric supply company warehouses serve as the entry to the luxury rental community.
Todd withdrew from the East Quarter. He sold his shares of the district and the Loco Meletio Development LLC to partner J.P. Morgan Asset Management in December. Tax records and estimates from Steve Triolet, senior vice president of research and market forecasting at Partners Real Estate firm, place the projected value of the entire district between $200 million and more than $300 million at the time of transaction.
J.P. Morgan Asset Management declined to answer questions regarding the properties and the potential sales.
The office building at 300 S. Pearl Expressway is valued at $64 million, and the apartment tower at 315 S. Cesar Chavez Boulevard is valued at nearly $124 million for tax purposes, according to the Dallas Central Appraisal District.
Deep Ellum
The Stack office building hit the market more recently. Napper posted about the Deep Ellum property on the social media platform Tuesday.
The property is owned by HW Commerce Office LP, an entity with ties to Dallas-based Westdale Real Estate. Westdale is one of the neighborhood's largest landowners. The firm did not respond to questions about the property and its potential sale.
The 16-story Class AA office building at 2700 Commerce St. is more than 216,000 square feet and includes more than 15,000 square feet of street-level retail. The Stack was developed by Houston-based Hines in partnership with Westdale and Ivanhoé Cambridge.
The property is valued at $77.5 million for tax purposes, according to the Dallas Central Appraisal District.
"At 100% occupancy, 7.7-year weighted average lease term and $133 million in remaining contractual revenue, The Stack presents an opportunity for stable cash flow and limited capital required during the hold period," JLL wrote in the property's listing.
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